A class action lawsuit filed against iGate Corp. (NASD: IGTE) was voluntarily dismissed by the plaintiff, the company announced Aug. 23. The suit was filed the wake of the dismissal of CEO Phaneesh Murthy and a decline in market value of the stock at the time.

The company terminated Murthy’s employment in May for failure to disclose a relationship with a subordinate.

IGate, a Fremont, Calif.-based information technology services firm, reported that no payment of consideration of any kind was made by it in connection with the dismissal

“We are pleased to put this matter behind us,” said iGate President and CEO Gerhard Watzinger. “With this resolution, we can move forward and continue to focus on delivering the top-quality services and solutions iGate customers have come to expect.”

CWS 3.0

CWS 3.0

CWS 3.0

Staffing Industry Analysts is the global advisor on contingent work. Known for its independent and objective insights, the company's proprietary research, award-winning content, data, support tools, publications, and executive conferences provide a competitive edge to decision-makers who supply and buy temporary staffing.